Gold prices recovered by Rs. 50 to reach Rs. 31,900 per 10 grams at the bullion market on Saturday, driven by a firm trend overseas amid fresh buying by local jewellers, reported .
Silver too rebounded by Rs. 550 to Rs. 39,800 per kg on the back of increased offtake by coin makers, it further said. Traders said besides a firm trend overseas, increased demand from local jewellers mainly led to the recovery in gold prices.
Things to know about gold, silver prices today:
1. Globally, gold traded higher at $1,202.70 an ounce and silver too advanced to $14.63 an ounce.
2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 50 each to Rs. 31,900 and Rs. 31,750 per 10 grams, respectively. The precious metal had shed Rs. 250 on Friday. Sovereign, however, remained flat at Rs. 24,600 per piece of eight grams.
3. Silver ready staged a strong comeback by surging Rs. 550 to Rs. 39,800 per kg and weekly-based delivery rose by Rs. 430 to Rs. 39,275 per kg.
4. Silver coins, however, continued to be traded at the previous level of Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.
5. Higher domestic prices dented demand for physical gold in the country, prompting dealers to offer the biggest discounts in 3-1/2 months this week, reported . Earlier this week, gold futures in hit their highest since June 15, at Rs. 31,350, while the rupee hit a record low of 74.23 to the dollar on Friday.>